I just finished one year of medical school and already owe almost 40,000... I will owe 150,000 by the time I finish and it is scaring the hell out of me, I can't stop thinking about it, HELP!
2006-07-06 16:12:23 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
Unfortunately, healthcare and education come at very high cost. It is natural to worry. In fact, I would be worried if you didn't have concerns about the debt you will owe once you graduate. However, I find that drafting a plan and working out the numbers can help calm those nerves. Seeing an action plan on paper may help you realize that student debt repayment is manageable.
Research how much a doctor in your area of practice makes in his or her first year, second year and so on. Calculate how much you can dedicate to paying off your student loans as soon as possible. Consider consolidating your student loans once you graduate (to lock in a low rate).
Also, make a commitment to yourself to resist buying that BMW once you graduate and moving into that expensive apartment or buying that expensive house. Live cheaply for a few years after graduation while you get back on your feet. Learn to live frugally, even though the image of a doctor dictates otherwise. Break the mold and dedicate your financial resources to your freedom before surrendering them to your self-image.
Having a plan and committing yourself to that plan may relieve some of the worry you are having. Give it a try. See the numbers on paper and plan how you are going to make it work. Knowing that something is possible is the first step in making it possible.
2006-07-06 16:32:44 · answer #1 · answered by john.janney 2 · 1⤊ 0⤋
Think about what you'll be making AFTER you graduate. Double, triple+ the amount you owe. Then get to work, make your payments and don't think about it. I understand how enormous the amount seems, especially if you don't come from a background of wealth. When your parents don't come close to making the kind of money you're spending it's almost impossible to wrap your head around it. You have no point of reference. This is something out of your control. If you want to be a Dr. (I presume) you have to go to school. It's not your fault the cost of education is sooo outrageous. If being a Dr is what is going to make you happy professionally, I don't see it as a choice, it's a calling. So, stop worrying about the "benny$$$", study hard and be a great Dr. Everything else will fall into place. Life's too short and you're too young to be up worrying about this. Get some sleep or get back to studying, but nix the worrying. It'll get you no where, really, really fast! good luck and God bless!
2006-07-06 16:30:18 · answer #2 · answered by N0_white_flag 5 · 1⤊ 0⤋
Look at it as an investment, which is what it is. You won't be making great money right out of school but after a few years, you will, and you'll have no problem paying that back. Interest rates on student loans are among the lowest interest rates you will ever get when borrowing money--- mine are 2.9%--- take your time paying them off. Always pay the minimum but don't strive to pay them down early; check your rate to be sure, but chances are, it'll be less than any mortgage, credit card, car note, etc you ever get. And you'll be given a long, long repayment period--- maybe as long as 30 years. On a doctor's salary, you won't have any problem paying them off!
And... in the grand scheme of things, that is not that much money. Thousands of families carry $150,000 in mortgages (or more) with no problems, and the interest on a mortgage is a lot higher.
It sounds like a lot of money, but once you get used to seeing all those zero's on the bill, it's not that bad!
2006-07-06 16:24:04 · answer #3 · answered by dcgirl 7 · 1⤊ 0⤋
Realize that it's something that is a fact. Unless you win the lottery it'll be a part of your life for a long time. Think of it like a house payment which you will be able to afford when you become Dr. ________. It's an investment in your future. So stop "putzing" about it. And good luck to you.
2006-07-06 16:18:15 · answer #4 · answered by daljack -a girl 7 · 0⤊ 0⤋
you need to be apprehensive because it really is nevertheless classed as a debt even if the pastime in that is extremely small. i'd be properly worth finding out in case you may start paying a number of it off even although you do not earn the minimum quantity
2016-11-01 08:34:03 · answer #5 · answered by ? 4 · 0⤊ 0⤋
Stop thinking about it, and focus on school.
When you are finally working, you will pay those debts off in a few paychecks.
Having MD behind your name will open up a lot of doors, no matter how crappy your credit is.
You have enough stress with school and boards, so don't stress about money.
2006-07-08 14:49:51 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Well, I hope you get a high paying job when you graduate. I don't know the average salary for someone who just graduated in the medical field, but I'm guessing around $70,000/year? So it may take you awhile to pay it off..
2006-07-06 16:22:11 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I hear a black market kidney goes for like 40,000.....that roommate sleeping in the next room won't even miss it until they wake up in the ice bath later on. ;)
2006-07-06 16:19:26 · answer #8 · answered by PALADIN 5 · 0⤊ 0⤋
So quit school and go to work, or quit whining
2006-07-06 16:17:59 · answer #9 · answered by Anonymous · 0⤊ 1⤋
talk to a therapist about it. They are free at most universities.
2006-07-06 16:16:09 · answer #10 · answered by meep 3 · 0⤊ 2⤋